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Let $f$ be a holomorphic function on $0<|z-a|<R$, and suppose $a$ is an isolated essential singularity. There is a set $E\subseteq \mathbb{C}$ with at most one element such that, for every $w\notin E$ and every $0<r<R$, the equation $f(z)=w$ has infinitely many distinct solutions with $0<|z-a|<r$. Thus each nonexceptional value has preimages accumulating at $a$ in every punctured neighbourhood. The same possible exception works for all these neighbourhoods; it need not be a completely omitted value, since it could be attained only finitely often near $a$. ^[ref]

The basic example is $f(z)=e^{1/z}$ at $a=0$. It is a holomorphic function for $z\ne 0$, and its Laurent serieshas infinitely many nonzero negative-power terms, making zero an essential singularity. Its sole omitted value is zero. For the value one, its preimages are exactlyThey satisfy $e^{1/z_k}=1$ and $|z_k|=1/(2\pi |k|)\to 0$. For any $r>0$, every integer $k$ with $|k|>1/(2\pi r)$ therefore supplies a distinct solution inside $0<|z|<r$.

The diagram displays only finitely many preimages; the formula and its limit, rather than the finite picture, establish that infinitely many occur in every punctured neighbourhood. More generally, for any $w\ne 0$, choose an argument $\theta$ of $w$. All its preimages arewith any zero denominator excluded. Such an exclusion occurs only for $w=1$, with exactly one excluded integer $k$ for the chosen argument. The remaining preimages are distinct and tend to zero as $|k|\to \infty$.

The isolated essential singularity hypothesis is crucial. The function $f(z)=z^{-1}$ has a pole at zero; on $0<|z|<r$ its image is only $\{w:|w|>1/r\}$. It omits every value in the closed disc $|w|\le 1/r$, and each attained value has just one preimage. A pole therefore has entirely different local behaviour from an essential singularity.

The Casorati-Weierstrass theorem says that the image near an essential singularity is a dense subset of the complex plane. The Great Picard theorem replaces arbitrary approximation by exact attainment, and then repeats that attainment infinitely often. This is useful when a local restriction on the image can rule out an essential singularity and reduce the possibilities to a pole or a removable singularity. For a meromorphic function viewed as a holomorphic map into the Riemann sphere, the corresponding statement has at most two exceptional sphere values, including infinity in the count; it applies when the map has an isolated essential singularity, even if poles accumulate there. Picard's 1880 memoir proves the local result in section 15, treating the cases with and without accumulating poles separately. ^[ref]

The Great Picard theorem also explains the Little Picard theorem. For a nonconstant polynomial, every value is attained by the fundamental theorem of algebra. For an entire function which is not a polynomial, the function $g(\zeta )=f(1/\zeta )$ has an essential singularity at zero: a removable singularity would force $f$ to be constant by the Liouville theorem, and a pole would force $f$ to be a polynomial. Applying the Great Picard theorem to $g$ leaves at most one finite omitted value for $f$.

Every nonconstant entire function takes every complex value with at most one exception. Equivalently, its image is either $\mathbb{C}$ or $\mathbb{C}\setminus \{a\}$ for one complex number $a$. The hypothesis of being nonconstant matters: a constant function has only one value. The Little Picard theorem guarantees existence of preimages, without requiring infinitely many preimages for each attained value. ^[ref]

For a nonconstant polynomial $p$, the fundamental theorem of algebra applied to $p(z)-w$ supplies a preimage for every $w\in \mathbb{C}$. The complex exponential function has precisely one omitted value, zero, as the explicit formula for its preimages shows. In contrast, the complex sine function has no omitted value. To solve $\sin z=w$, set $u=e^{iz}$ and rearrange to the quadratic equationIts roots have product $-1$, so they are nonzero. Every such root has a preimage under the complex exponential function, giving a solution for $z$. Adding $2\pi k$ supplies further solutions by the periodicity of the complex sine.

The force of the Little Picard theorem is that it applies to every nonconstant entire function, without an explicit formula. The Liouville theorem already gives a dense image of a nonconstant entire function, but a dense subset could still leave out many individual points. The Little Picard theorem limits these missing points to one. In particular, establishing two omitted values proves that an entire function is constant.

For a nonconstant meromorphic function on the complex plane, the corresponding bound is two omitted values in the Riemann sphere $\mathbb{C}\cup \{\infty \}$, where poles take the value infinity. ^[ref] For example,omits zero and one, and has poles at $2\pi ik$ for $k\in \mathbb{Z}$. Every other finite value $w$ is attained by solving $e^z=1-1/w$. For an entire function, infinity is already an omitted value in the Riemann sphere, leaving at most one additional finite omitted value.

Proof outline: use the version of Montel's theorem for two fixed finite omitted values. ^[ref] It makes the rescaled holomorphic functions $g_n(\zeta )=f(a+n\zeta )$ a normal family on the unit disc. The fixed value $g_n(0)=f(a)$ gives pointwise anchoring of a holomorphic normal family, hence a subsequence with a finite holomorphic function as its locally uniform convergence limit. The Cauchy integral formula bounds its derivatives at zero, whereas $g_n^{\prime }(0)=n{f}^{\prime }(a)$. Consequently $f^{\prime }(a)=0$; arbitrary $a$ makes $f$ constant.

An omitted value of a function $f:D\to Y$ is a point $w\in Y$ outside its image: the equation $f(z)=w$ has no solution in $D$. Both $D$ and $Y$ matter. The complex exponential function on the complex plane has one omitted value in $\mathbb{C}$, namely zero, and two omitted values when regarded as a map into the Riemann sphere, namely zero and infinity. Restricting $D$ can create additional omitted values.

The Picard theorem has two forms concerning the image of a holomorphic function. The Little Picard theorem permits at most one omitted value for a nonconstant entire function. The Great Picard theorem is local: near an isolated essential singularity, every complex value except possibly one occurs infinitely often. The complex exponential function $e^z$ and the function $e^{1/z}$ show that the possible exception is necessary.

Émile Picard presented the research in 1879 and published proofs in his 1880 memoir. Its opening footnote lists communications to the Académie des Sciences on 28 April, 19 May, and 20 October 1879; sections 3 and 15 contain the global and local results respectively. ^[ref]